Risk Assessment Framework

A Risk Assessment Framework is a management framework that identifies, analyzes, evaluates, and prioritizes organizational risks through systematic risk assessment methodologies.

• AKA: Risk Management Framework, Risk Analysis Framework, Risk Evaluation Framework, Enterprise Risk Framework.
• Context:
  • It can typically identify Risk Sources discovering potential threats through risk identification.
  • It can typically analyze Risk Likelihood estimating occurrence probability through probability assessment.
  • It can typically evaluate Risk Impact measuring potential consequences through impact analysis.
  • It can typically calculate Risk Scores quantifying risk levels through risk calculation.
  • It can typically prioritize Risk Treatment determining mitigation strategies through risk prioritization.
  • It can typically develop Risk Controls implementing risk mitigation through control implementation.
  • It can typically monitor Risk Indicators tracking risk changes through continuous monitoring.
  • ...
  • It can often facilitate Risk Communication informing stakeholders through risk reporting.
  • It can often enable Risk Aggregation combining individual risks through portfolio analysis.
  • It can often support Risk Appetite defining acceptable risk levels through tolerance setting.
  • It can often provide Risk Scenarios modeling potential outcomes through scenario analysis.
  • ...
  • It can range from being a Qualitative Risk Assessment Framework to being a Quantitative Risk Assessment Framework, depending on its assessment method.
  • It can range from being a Static Risk Assessment Framework to being a Dynamic Risk Assessment Framework, depending on its adaptation capability.
  • It can range from being a Project Risk Assessment Framework to being an Enterprise Risk Assessment Framework, depending on its organizational scope.
  • It can range from being a Single-Domain Risk Assessment Framework to being a Multi-Domain Risk Assessment Framework, depending on its risk coverage.
  • It can range from being a Basic Risk Assessment Framework to being a Advanced Risk Assessment Framework, depending on its sophistication level.
  • ...
  • It can integrate with Compliance Frameworks for compliance risk management.
  • It can connect to Security Frameworks for security risk assessment.
  • It can interface with AI Governance Frameworks for AI risk management.
  • It can leverage Audit Systems for risk verification.
  • It can utilize Business Continuity Frameworks for operational risk management.
  • ...
• Example(s):
  • Standard Risk Assessment Frameworks, such as:
    • ISO 31000 Risk Framework providing risk management principles for international standard.
    • COSO ERM Framework establishing enterprise risk management for corporate governance.
    • NIST Risk Management Framework managing information security risks for federal systems.
  • Domain-Specific Risk Assessment Frameworks, such as:
    • Legal AI Risk Framework assessing legal AI risks for AI governance.
    • Financial Risk Framework evaluating market risks for financial institutions.
    • Operational Risk Framework analyzing business process risks for operational continuity.
  • Technology Risk Assessment Frameworks, such as:
    • Cybersecurity Risk Framework evaluating cyber threats for digital assets.
    • Cloud Risk Framework assessing cloud service risks for cloud adoption.
    • AI Risk Framework analyzing AI system risks for responsible AI.
  • Compliance Risk Assessment Frameworks, such as:
    • Regulatory Risk Framework identifying compliance risks for regulatory requirements.
    • Privacy Risk Framework assessing data protection risks for privacy compliance.
    • Third-Party Risk Framework evaluating vendor risks for supply chain management.
  • ...
• Counter-Example(s):
  • Performance Framework, which measures efficiency without risk assessment.
  • Quality Framework, which ensures standards without risk analysis.
  • Development Framework, which guides creation without risk evaluation.
  • Monitoring System, which tracks activity without risk prioritization.
• See: Management Framework, Compliance Framework, Security Framework, AI Governance Framework, Audit System, Legal AI Risk Framework, Business Continuity Framework, Risk Management, Risk Analysis.

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